The Central Bank of Nigeria (CBN) has set a daily transaction limit of N100,000 per customer for cash-out transactions using POS agents across Nigeria.
On Tuesday, Oladimeji Yisa Taiwo, Director of the CBN's Payments System Management Department, signed a new directive outlining this policy.Get real-time news updates from Dailylight! Follow us on our WhatsApp channel for breaking news, Job updates, Cryptocurrency updates, exclusive stories and scholarship updates, and educational videos.
The policy seeks to streamline agency banking operations, promote electronic payment usage, and strengthen the country's cashless economy initiative.
The circular, addressed to deposit money banks, microfinance banks, mobile money operators, and superagents, emphasizes the need for consistent operational standards, fraud prevention, and enhanced monitoring in the agent banking industry.
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According to the circular, POS agents must limit individual customer withdrawals to N100,000 daily, regardless of channel, and keep total cash-out transactions under N1,200,000 daily.
Customers could only withdraw up to N500,000 each week, and agents had to utilize the approved Agent Code 6010 for all transactions.
The new regulation requires all agency banking transactions to be undertaken through float accounts with the principal institutions. Institutions must monitor accounts linked to agents' BVNs to identify any unauthorized banking activities outside approved float accounts.
Agents must connect their terminals to the Payments Terminal Service Aggregator (PTSA) and electronically submit daily transaction reports to the Nigerian Inter-Bank Settlement System (NIBSS). The CBN will give the reporting template.
Customers could only withdraw up to N500,000 each week, and agents had to utilize the approved Agent Code 6010 for all transactions.
The new regulation requires all agency banking transactions to be undertaken through float accounts with the principal institutions. Institutions must monitor accounts linked to agents' BVNs to identify any unauthorized banking activities outside approved float accounts.
Agents must connect their terminals to the Payments Terminal Service Aggregator (PTSA) and electronically submit daily transaction reports to the Nigerian Inter-Bank Settlement System (NIBSS). The CBN will give the reporting template.
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The CBN reaffirmed that all principals are accountable for their agents' conduct and omissions regarding banking services.
CBN will do frequent audits, including backend configuration checks to ensure compliance.
The apex bank cautioned that violating these directions will result in serious penalties, including monetary fines and administrative sanctions.
This indicator demonstrates the CBN's commitment to maintaining a secure, transparent, and efficient agent banking ecosystem.
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